Staistics for Managers Final Project Term Paper

Staistics for Managers Final Project - Term Paper Example Marketing is one of the most important functions within the organizations and as a result, the data collected on the marketing tool needs to be inclusive and properly structured in order to gain from the marketing policies and mechanisms employed. Statistical data on marketing is essential for a company and should be well-tabulated to ensure that the data is used in the marketing research applications that the data is meant to improve. The company may conduct a survey on advertising and other marketing tools such as product promotion and measure the level of sales that has been influenced by the marketing tools (Balakrishnan, 2010). The company needs to conduct customer surveys and come up with the best structure and techniques in marketing that are not only attractive to the customers in the market but also offer a competitive advantage over the competitors (Balakrishnan, 2010). The methods employed by the company need to be assessed statistically to measure if they are working within the company and also measure if they have worked in other companies through their records. The analysis part is particularly simpler since the statistical data ensures that the information is properly structured and therefore easy to analyze. In marketing data forms a critical part of research where it provides the information crucial in determining the research area. Acquiring the right data needs the research to identify the data collection method critical in the research and that provides sufficient information regarding the subject under the study (Mazzocchi, 2008). Before discussing the data sources available, it is important that one understands that there are two types of data that is critical to the research. These are primary and secondary data. These two types of data are crucial in the research work and should be utilized for the perfection of the results. In addition, the two types of data helps in confirmation of the existing theory from the primary data